January 18, 2018
The London and International Insurance Brokers’ Association (LIIBA) has said it is determined to see the electronic placement platform (PPL) become the predominant distribution tool in the London market by the start of 2019 as it outlined its key priorities for this year.
As part of its agenda for 2018, LIIBA, a trade body founded in 1910 representing Lloyd’s insurance and reinsurance brokers accounting for over 95 percent of the London market’s business, said that it will tackle market modernisation, particularly focussing on the adoption of the market’s electronic placement platform (PPL) to “make London an easier place to do business.”
“PPL is all about improving our approach to placing and reducing our reliance on paper – allowing us to focus on the face to face negotiations for which this market is renowned. They are many myths about the threat of e-placement, so we will shine a light on the significant service improvements it will allow us to deliver to our clients and the very real cost savings that PPL will deliver across the value chain,” remarked LIIBA CEO Chris Croft.
LIIBA also stressed that Brexit was another key priority, highlighting the need for contract continuity and to ensure that EU clients can still access the London Market.
“Much attention has focussed on the decisions of underwriting firms on how they will navigate a post-Brexit marketplace. However, the broking industry also faces major challenges and we are working closely with members to help them make the right contingency plan to protect the interests of their clients. For example, it is critical that we ensure that contracts where the period of insurance runs over the date when the UK leaves the EU remain serviceable” said Croft.
In addition, the trade association said that it will also focus on the FCA’s recently launched wholesale insurance broker market study by working with members and the FCA to furnish the quantity and quality of information necessary to deliver a properly informed review.
“LIIBA’s mission is to ensure that London remains where the world wants to do business by improving its competitive position. 2018 is going to be a pivotal year for the insurance industry in many areas that are critical to that mission and we will be working closely with our members and Board to deliver on our priorities,” Croft added.